Data, today, is changing the face of the world. It is changing the way we look at things. It is changing the way we take decisions. Let's see how Statistics has changes the way we look at Data over the years.
A World without Statistics
A World with Statistics
Statistics in Marketing
Marketing innovations depend a great deal on the findings of quantitative research. The statistical inferences delivered from the carriage of these researches are vital factors in determining the direction of an organization's marketing flow. Be that product development, market development, promotional campaign plans, or knowing the customer standpoint, statistics run the state of affairs in contemporary marketing. Sophistication of statistical methods goes a long way in enlightening the marketer about multiple aspects of marketing that aid him in the decision making process.
knowing your customer
Multivariate statistical analysis helps the marketer determine consumer preference patterns for different products. Essentials of the target market come out in the open along with the areas of potential market growth. Also various ideas can be deciphered through these patterns about product innovations.
knowing your competitor
Multivariate statistical analysis trows light on the comparative analysis of the product and its competitors. Consumer standpoints generated from this analysis pave a path of illustration regarding the similarities and differences between different products. The incorporation of insight produced from this method enables the marketer to develop the unique selling proposition of the product, thus making it score an edge over its counterparts.
Improving your product
Multivariate statistical analysis helps the marketer succeed in uncovering those combinations of attribute levels that have a high level of consumer preference. This is indeed valuable insight that facilitates the process of product feature development, a prime context of marketing.
Knowing exactly where you spend
Multivariate statistical analysis helps the marketer mathematically derive the right mix of elements that will fuel the success of his campaigns and thereby channelise the monetary resources in the right direction, save costs and improve profitability.
